Aviva has announced increased life and pension sales of 16 per cent to £10.3bn and a 19 per cent increase on total long-term savings to £11.8bn in 2010.
Announcing its annual results for the year ending December 31, 2010 today, Aviva reports a 35 per cent increase in pre-tax profits to £2.44bn, up from £1.81bn the year before.
The insurer has grown its UK market share for the third consecutive quarter to 11.1 per cent in the third quarter of 2010, up from 9.7 per cent in the same quarter of 2009.
Operating profit before tax increased 26 per cent to £2.55bn and total sales increased by 4 per cent to £47.1bn.
Aviva Investors, its global asset management business, grew assets under management by 4 per cent to £260bn. Operating profit was down from £115m in 2009 to £100m in 2010. Net external sales were £2.4bn in 2010 compared to outflows of £236m in 2009.
Aviva says it is well placed for the retail distribution review and says 8,600 advisers have now joined its Adviser Academy.
In 2010, Aviva announced arrangements with Santander and Royal Bank of Scotland. The results show the insurer has added life insurance, critical illness and income protection to its existing general insurance distribution agreement.
Group chief executive Andrew Moss says: “”Over the last few years, we’ve grown the business, significantly reduced costs and strengthened the balance sheet. As a result, we’ve created a good platform for the next phase of growth.
“We have a clear strategy and we are meeting our customers’ needs. By focusing on what we do best in the markets where we have strength and scale, we will continue to prosper in 2011.”